Partnership Key to Unlocking Africa's Growth Potential

Twelve African heads of state and more than 1,000 others from 85 countries gathered in Dar es Salaam, Tanzania to talk about ways to build up economic cooperation on the continent. CRI's Wei Tong is there in Tanzania.

Addressing the 20th World Economic Forum on Africa, Tanzanian president Jakaya Kikwete said there is an urgent need for Africa to seek a local and international partnership to help overcome the many obstacles the continent faces.

"Africa's potential is immense in terms of human resources and natural resources. Poor as we are, our capacities are limited. We need partnerships with the private sector to invest in the development of the African continent. We badly need FDI, or foreign direct investment. And unfortunately, Africa gets the least share of FDI flows in the world."

Kikwete added the trade barriers that have hampered Africa's economic development need to be removed in order for development to be realized in the African continent.

"Africa needs trade and market access. The biggest (barrier) is supply side constraints. We need partnership and investment to develop goods and services to sell to these markets."

Pat Davies, chief executive of Sasol Company in South Africa, noted the importance of Africa's rich human capital and the need to make it more productive. Davies says Africa's population is a huge resource that should be tapped.

"The government has 1 billion people. It is a very young population. So a billion people has a huge market opportunity. So it is not hard to figure out if you got the people, if you got the market and resources, you need to put these together so there must be a huge opportunity for Africa to be an engine of growth for global economy."

The World Economic Forum, founded in 1971, is an independent, international organization incorporated as a Swiss not-for-profit foundation. It aims to build and energize the leading global communities, and it is the creative force shaping global, regional and industry strategies.

Wei Tong, CRI News, Dar es Salaam, Tanzania.